It is estimated that approximately one in 10 Brits live overseas! Many of us also purchase holiday homes, splitting our time between the UK and a sunnier climate. Such investments also represent a great way to make some extra income by renting them out to tourists while they’re empty. It’s a win-win situation. However, the difficult decision is deciding where to invest. With that in mind, we’re going to take a look at three incredible European locations to buy a holiday home…
There is only one place to begin, and this is with Spain! After all, Spain has long been a popular spot for Brits who are looking for more sun and a better way of life. The average price for a property at present is £128,231. Five locations that are worth considering for buyers include Condado de Alhama, a golf resort in Murcia, Villamartin on the southern Costa Blanca, Estepona on the Costa del Sol, Camposol in Murcia, and Torrevieja on Costa Blanca.
There are a lot of reasons why Brits are tempted to make Spain their second home. Of course, the weather is one of the main factors. With average sunshine hours and temperatures being twice as much as the UK, the appeal here is evident. The Spanish way of life is certainly appealing as well, with a vibrant culture and a laidback way of living. Spain is also one of the most economical places to live, and the Spanish gastronomy is to die for. From Serrano ham to chorizo sausage, and the endless fresh fruit and veg, you’re in for a treat. Let’s not forget the countless varieties of local wines and beers as well.
You will struggle to find a better time to invest in Spain. This is because interest rates in the country are running at historically low levels at the moment, meaning it is cheaper to borrow money. In practice, this means your mortgage is going to be cheaper than it would have been a few years ago. Furthermore, the Central Bank of Spain has forecasted a 10.5 per cent return on residential properties in the country.
Another incredible country to consider is France. While we have long been drawn to the southwest, a lot of Brits are looking toward the southeast – the Alps and Côte d’Azur – and the northwest. There has also been an evident trend for Brits buying in the expansive rural central areas, where you can get a lot of land for your pound. It’s not just Brits that are flocking to France; the BNP Paribas International Buyers reveals that there was a six per cent increase in foreign buyers in France last year, both non-resident and resident. The average price for a property here is £153,747.
There are lots of great places to consider when it comes to investing in France. Sete is a stunning coastal town, which is situated between Montpellier and Beziers, on the Mediterranean sea. Property prices are considerably lower here when compared with Montpellier, making it a great place to invest. Plus, the summer water jousting festivals and two music festivals give the area a great international reputation, attracting thousands of visitors every year.
If you’re looking for a place that is filled with culture and history, we’d recommend Pezenas. This is a place that has beautiful old streets that have been unchanged over the past five centuries. It is also a vital arts centres, with a lot of antique fairs, theatre productions, and art festivals taking place throughout the year. It is also a very short drive to the coast. It has great transport conditions and it is surrounded by vineyards too. Plus, if you’re looking to make a good return on your investment, you will be pleased to know that Pezenas properties rent out most of the year.
Last but not least, we have the Mediterranean paradise that is Cyprus. The island’s golden citizenship through-investment and visa schemes, as well as the motoring economy, are drawing investors from all over the world. The average price for a property in Cyprus is slightly higher than France and Spain, coming in at £187,467. However, there is no sign of the British love affair with Cyprus dwindling. The most active markets are Larnaca, Protaras, and Paphos.
There is no denying that Paphos is the perennial favourite for anyone looking for somewhere to purchase a property in Cyprus. You will find a well-established expat community here. Aside from this, there are social activities to select from throughout the year, as well as fabulous beaches right at your doorstep. There is plenty to keep you busy, and this side of the island is open all year-round. You should also consider the wider Paphos District. There are a lot of towns situated further along the coast, like Peyia, which enables you to enjoy everything Paphos has to offer while also getting a bit more peace!
Larnaca is a great place for a bargain property. The average house prices are lower than Limassol, Nicosia, and Paphos. This is partly down to the city being more traditional when compared with other parts of Cyprus. This is great news if you want to embrace the Cypriot culture, with a local airport as well. Of course, we can’t mention Cyprus without giving a nod to Ayia Napa, which started life as a quaint fishing village and is now the biggest tourist resort in the country.
So there you have it: three of the best European locations for anyone who is interested in purchasing a holiday home. All three destinations are stunning in their own right, with different qualities that appeal to us Brits. Where in Europe do you see yourself investing? No matter where in the world you decide to purchase a holiday home, one thing you definitely need to do is acquire holiday home insurance. Intasure has specialist policies available for anyone who has a holiday home, providing protection against accidental damage and offering public liability insurance for your full peace of mind.